Firo (FIRO), previously Zcoin, is a cryptocurrency dedicated to becoming a private digital cash. The platform developed the Lelantus privacy protocol, enabling users to incinerate their cryptocurrencies and subsequently redeem them for new ones, devoid of transaction history.
What is Firo Token?
Prior to Lelantus, Firo was the first cryptocurrency to code and implement a practical application of the Zerocoin protocol, now one of the most prevalent privacy protocols.
Firo’s Lelantus privacy protocol and its antecedent, Sigma, rely on a unique zero-knowledge proof called “one-out-of-many proofs.” Unlike other zk constructions, it eschews the need for a trusted setup or esoteric mathematical/cryptographic assumptions.
Firo was also the first to deploy Dandelion++ in October 2018, a transaction propagation method that impedes third parties from associating an IP address with a transaction.
In November 2018, Firo’s blockchain facilitated the Democratic Party of Thailand’s primary election for party leader selection. This marked the world’s first large-scale political election conducted on a blockchain, with over 127,000 votes cast nationwide. Firo was rebranded from Zcoin in October 2020.
Firo employs a PoW-Chainlock hybrid consensus model, constructed by several hundred deterministically chosen masternodes (LLMQ) that perform a network-wide verifiable measurement/vote of the “first-seen” rule and lock on the initial block. Subsequent to this point, no reorganization is permitted, and blocks are finalized with a single confirmation. This also mitigates 51% mining attacks, as over half the masternode network must be compromised to disable Chainlocks before a 51% attack can be executed.
Firo’s mining algorithm, MTP, relies on memory hardness for ASIC resistance. It is transitioning to FiroPOW, a ProgPOW variant, specifically designed for GPU mining, offering heightened resistance to ASICs and FPGAs, thus promoting equitable cryptocurrency distribution.
Firo’s founder, Poramin Insom, holds a Master’s degree in Information Security from Johns Hopkins University, where he penned a paper proposing the practical implementation of the Zerocoin protocol. In addition to Firo, Insom co-founded Satang Corporation and served as a second lieutenant in the Royal Thai Armed Forces’ cyber warfare division.
FIRO Coin Assessment
Despite modest trading volume, FIRO remains a cryptocurrency of interest to investors.
How to Buy FIRO Coin?
FIRO Coin can be swiftly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by volume.
To acquire FIRO Coin, one must first join Binance and transfer fiat currency. Following the transfer of fiat currency such as Turkish Lira or dollars, FIRO Coin can be purchased through the Bitcoin (BTC), BUSD, and Tether (USDT) FIRO trading pairs.
Additionally, Binance permits users to place purchase orders not only at market value but also at lower values, enabling purchase at a preferred price. Utilize the Limit tab and input the desired purchase amount and price.
